Property and Equipment

9 Months Ended

Mar. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 4. Property and Equipment

The following is a summary of property and equipment as of March 31, 2019 and June 30, 2018:

	Useful	March 31,			June 30,
	Life	2019			2018
Furniture and fixtures	5 - 7 years	$	40,615		$	118,450
Leasehold improvements	5 - 7 years		-			29,296
Laboratory equipment	3 - 15 years		-			738,415
Total property and equipment			40,615			886,161
Less accumulated depreciation and amortization			(510	)		(517,787	)
Net property and equipment		$	40,105		$	368,374

Depreciation and amortization expense related to property and equipment amounted to $510 and $266,781 for the three months ended March 31, 2019 and 2018, respectively. Depreciation and amortization expense related to property and equipment amounted to $39,342 and $800,174 for the nine months ended March 31, 2019 and 2018, respectively.

For the nine months ended March 31, 2019, the Company completed sales of furniture, fixtures, and laboratory equipment for proceeds of $278,234. These sales resulted in the Company recording a loss on sale of property and equipment of $12,268 for the nine months ended March 31, 2019 and a gain of $10,559 for the three months ended March 31, 2019.

Additionally, in December 2018 the Company vacated its leased office and laboratory space in Louisville, Colorado, resulting in an impairment charge of $33,039 related to leasehold improvements, laboratory equipment, furniture and fixtures that the Company did not expect to receive any further economic benefit from. As a result, the carrying value of the laboratory equipment was reduced to its estimated fair value of $72,537. In January 2019, the Company sold this equipment for net proceeds of $83,096 and a gain of $10,559 was recognized for the three months ended March 31, 2019.